diff --git a/aioesphomeapi/reconnect_logic.py b/aioesphomeapi/reconnect_logic.py
index 154c7d1..a665ae3 100644
--- a/aioesphomeapi/reconnect_logic.py
+++ b/aioesphomeapi/reconnect_logic.py
@@ -316,7 +316,7 @@ class ReconnectLogic(zeroconf.RecordUpdateListener):
 
     async def stop(self) -> None:
         """Stop the connecting logic background task. Does not disconnect the client."""
-        if self._connection_state == ReconnectLogicState.CONNECTING:
+        if self._connection_state in NOT_YET_CONNECTED_STATES:
             # If we are still establishing a connection, we can safely
             # cancel the connect task here, otherwise we need to wait
             # for the connect task to finish so we can gracefully
diff --git a/tests/test_reconnect_logic.py b/tests/test_reconnect_logic.py
index e3f7842..3d81431 100644
--- a/tests/test_reconnect_logic.py
+++ b/tests/test_reconnect_logic.py
@@ -401,3 +401,52 @@ async def test_reconnect_logic_stop_callback():
         await asyncio.sleep(0)
     assert rl._is_stopped is True
     assert rl._connection_state is ReconnectLogicState.DISCONNECTED
+
+
+@pytest.mark.asyncio
+async def test_reconnect_logic_stop_callback_waits_for_handshake():
+    """Test that the stop_callback waits for a handshake."""
+
+    class PatchableAPIClient(APIClient):
+        pass
+
+    cli = PatchableAPIClient(
+        address="1.2.3.4",
+        port=6052,
+        password=None,
+    )
+    rl = ReconnectLogic(
+        client=cli,
+        on_disconnect=AsyncMock(),
+        on_connect=AsyncMock(),
+        zeroconf_instance=_get_mock_zeroconf(),
+        name="mydevice",
+    )
+    assert rl._connection_state is ReconnectLogicState.DISCONNECTED
+
+    async def slow_connect_fail(*args, **kwargs):
+        await asyncio.sleep(10)
+        raise APIConnectionError
+
+    with patch.object(cli, "start_connection"), patch.object(
+        cli, "finish_connection", side_effect=slow_connect_fail
+    ):
+        await rl.start()
+        for _ in range(3):
+            await asyncio.sleep(0)
+
+    assert rl._connection_state is ReconnectLogicState.HANDSHAKING
+    assert rl._is_stopped is False
+    rl.stop_callback()
+    # Wait for cancellation to propagate
+    for _ in range(4):
+        await asyncio.sleep(0)
+    assert rl._is_stopped is False
+    assert rl._connection_state is ReconnectLogicState.HANDSHAKING
+
+    rl._cancel_connect("forced cancel in test")
+    # Wait for cancellation to propagate
+    for _ in range(4):
+        await asyncio.sleep(0)
+    assert rl._is_stopped is True
+    assert rl._connection_state is ReconnectLogicState.DISCONNECTED